Crypto options hub — BTC, ETH, SOL

Deribit, OKX, Bybit and Binance option chains combined: open interest, max pain, put/call ratio, implied volatility, expected move, GEX levels and unusual options flow. Refreshed every 5 minutes.

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BTC ETH SOL

ETH options open interest across Deribit, Bybit: $3.87B (2026-11-06 10:14 UTC). Main expiry (13 Nov 26) max pain $2,300, implied move ±5.8%. Currently unreachable: OKX, Binance.

Spot (index)

$2,245

Total open interest

$3.87B

12 expiries

24h volume

$746.0M

Put/Call (OI)

0.54

volume 0.83

ATM IV 7d / 30d

52.6% / 53.0%

flat

Max pain (main expiry)

$2,300

13 Nov 26

Expected move

±5.8%

$2,115 – $2,374

Net GEX

+$5.1M

Positive (dampening) · flip $2,205

Where to trade ETH options?

Bybit: USDC-settled BTC, ETH and SOL options. New accounts opened via our invite link get the exchange's fee discount and welcome offers (terms are the exchange's).

🐋 Unusual options flow (last 48h)

From the last 24h of trades: contracts with volume above 3× open interest (at least 1 day to expiry), more than 85% of premium from buyers and not a single trade, buying of options under 2 days to expiry and more than 10% out of the money, or a single large trade. Deep in-the-money options are excluded. CONTEXT — not tested, not a trading signal.

Type	Venue	Detail	Updated
Buyer-heavy	Bybit	ETH 2,200 PUT: 88% of 24h premium from buyers · $112K	11-06 21:25
Buyer-heavy	Bybit	ETH 2,300 PUT: 89% of 24h premium from buyers · $58K	11-05 23:55
Buyer-heavy	Bybit	ETH 2,500 CALL: 89% of 24h premium from buyers · $56K	11-05 14:40
Vol/OI	Bybit	ETH 2,500 CALL: 24h volume 3.2× open interest · premium $55K · expiry 141 days	11-05 01:50
Vol/OI	Bybit	ETH 2,500 CALL: 24h volume 3.2× open interest · premium $55K · expiry 141 days	11-04 23:55
Buyer-heavy	Bybit	ETH 2,200 CALL: 89% of 24h premium from buyers · $54K	11-06 20:35

Open interest by strike (all expiries)

Green up = calls, red down = puts (in ETH, spot ±30%). Tall bars are where positioning clusters.

GEX profile — gamma levels

Estimated dealer gamma exposure per strike ($ per 1% move). Gold = positive (hedging tends to dampen moves), red = negative (tends to amplify). Assumes dealers long calls, short puts — actual positioning is unknown.

Expiries

Click a row to open that expiry's strike table and IV smile below. Expected move = ATM straddle price (about ±1 standard deviation). RR25 = 25-delta put IV − call IV; positive = downside protection is pricier.

Expiry	Left	Open int.	P/C	Max pain	ATM IV	RR25	Expected move
7 Nov 26	<1d	$137.5M	0.76	$2,290	59.2%	+11.8	±2.4%
8 Nov 26	2d	$66.7M	0.55	$2,280	45.5%	+9.9	±2.6%
9 Nov 26

Term structure (ATM IV)

Each point is an expiry (evenly spaced; label = days to expiry). Currently: flat.

59%

43%

1d4d21d84d322d

Option chain — 13 Nov 26 (7d)

IV smile: put IV below spot, call IV above (out-of-the-money side). Price = open-interest-weighted mark of a 1-coin contract across exchanges ($); delta from BSM.

100%

50%

By exchange

Exchange	Open interest	Share	24h volume	Contracts
Deribit	$3.25B	84%	$368.6M	804
Bybit	$625.1M	16%	$377.4M	600

Dollar values = open interest in coins × spot. Binance trade flow is not collected, so flags come from Deribit, OKX and Bybit trades.

CALIBRATING MARKET MODEL · SYNCING BOOK

Frequently asked questions

What is max pain?

The expiry price at which option buyers' total payout is smallest, computed from open interest. There is no rule that price gravitates there; it only shows where positions cluster.

What does the put/call ratio show?

Put open interest divided by call open interest. Above 1 means more positioning in protection. Puts are also bought as hedges, so it does not show direction on its own.

What is implied volatility (IV)?

The expected annualized volatility embedded in option prices. Higher IV means pricier options. The term structure compares short- and long-dated IV; when short-dated is higher (inverted), the market may be pricing a near-term event.

How to read GEX (gamma exposure)?

An estimate of how much option dealers must hedge as price moves. Under the common assumption (dealers long calls, short puts), positive net GEX tends to dampen moves, negative tends to amplify them. Actual dealer positioning is unknown; this is an estimate.

What is unusual options flow?

Patterns such as 24h volume far above open interest, most premium paid by buyers, heavy buying of far out-of-the-money options close to expiry, or a single large trade. ByStock shows them as context; they are not yet tested and are not trading signals.

📊 Futures open interest 〰 Realized volatility ⏱ Funding rates 🔥 Liquidation map

CALL				Strike	PUT
OI	IV	Delta	Price		Price	Delta	IV	OI
0.0	99.5%	0.98	544.6	1,700	2.13	-0.02	99.5%	2312.9
2.1	90.2%	0.97	442.5	1,800	3.88	-0.03	90.0%	5292.0
18.0	79.8%	0.94	345.1	1,900	6.7	-0.06	79.9%	7227.8
201.0	70.4%	0.89	251.1	2,000	12.4	-0.11	70.4%	50347.1
145.4	66.1%	0.85	206.7	2,050	17.1	-0.15	66.2%	2806.0
141.7	61.9%	0.80	163	2,100	24.1	-0.21	62.0%	6694.4
390.1	58.5%	0.72	125.5	2,150	34.2	-0.28	58.3%	3070.9
1.8	56.9%	0.67	107.9	2,175	40.4	-0.33	56.9%	94.6
1679.7	55.2%	0.62	88.7	2,200	49.5	-0.38	55.1%	13673.2
210.8	54.1%	0.56	75.4	2,225	57.9	-0.44	54.1%	662.0
2307.7	52.6%	0.50	60	2,250	70	-0.50	52.6%	2855.9
316.3	51.6%	0.44	49	2,275	81.5	-0.56	51.6%	190.1
1892.9	51.0%	0.38	37.7	2,300	98.4	-0.62	51.0%	2432.0
522.2	50.4%	0.32	30.3	2,325	112.8	-0.68	50.4%	568.0
2621.1	50.7%	0.27	23.2	2,350	132.9	-0.73	50.5%	844.1
363.5	50.1%	0.22	18.1	2,375	150.5	-0.78	50.1%	173.8
6615.2	50.9%	0.18	13.7	2,400	174	-0.82	50.8%	1387.8
361.5	50.8%	0.14	10.7	2,425	193.2	-0.86	50.8%	321.6
4316.7	51.7%	0.12	8.13	2,450	217.7	-0.89	51.5%	311.0
278.8	52.0%	0.09	6.47	2,475	239	-0.91	52.0%	36.1
7276.2	53.3%	0.08	5.01	2,500	264.9	-0.92	53.1%	284.3
300.2	53.7%	0.06	4.02	2,525	286.9	-0.94	53.7%	0.0
4091.3	55.6%	0.05	3.34	2,550	312.8	-0.95	55.2%	112.7
5034.6	58.6%	0.04	2.4	2,600	363.2	-0.96	58.4%	127.1
927.8	58.9%	0.02	1.4	2,650	409.3	-0.98	58.9%	208.7
3676.6	64.1%	0.02	1.34	2,700	458.6	-0.98	61.2%	104.5
1886.8	68.7%	0.01	0.76	2,800	558.4	-0.99	65.5%	66.5